Could someone please explain to me the relevance of the CIS tick box in a customer record? What effect does ticking this box have on anything?
Hello Oil234, Essentially when you tick that box you are recording that is a contractor when you tick the box it will ask you to enter more information such as the utr number. When you are receiving money from a contractor, once ticked if you select the contractor from the top of the page on the invoice QuickBooks will use your CIS rate to calculate the CIS to deduct (CIS suffered). If you're charging for materials on this job, you can add these too. More information on CIS IN QuickBooks can be found here
Thanks for your reply. I should have stated in my original question that we have gross CIS status, so is there any point in ticking the box if no tax will be deducted from payments we receive?
However, now I am wondering whether this box needs to be ticked for the upcoming VAT reverse charge to work correctly?
So I don't think there is any point marking a customer as CIS if we are gross paid, but you haven't answered my question as to whether this needs to be ticked for the upcoming VAT Reverse Charge for CIS change from 1st March?